Turning Utility Data Into a Strategic Advantage for CEOs and COOs
What do CEOs and COOs have to do with utility data? Actually, quite a lot.
These executives certainly have their plates full running the business, including navigating external factors like markets and competitors as well as internal factors like operational efficiency and costs. And with all these responsibilities, utility data might seem inconsequential, but it’s time to change that thinking, because it turns out that utility data can actually help CEOs and COOs with many of their top initiatives.
Running a Business Requires Data, Utility Data Included
A recent article from the Harvard Business Review underscores the importance of running a business from both a commercial standpoint and a societal standpoint. It’s an interesting perspective, and it puts even more pressure on CEOs and COOs to lead their companies to success on a variety of measures.
In order to achieve goals like getting ahead of the competition, meeting the expectations of investors and stakeholders, keeping employees engaged, satisfying regulations, ensuring operational efficiency and driving innovation, CEOs and COOs must rely on data.
In general, data can help quantify success, identify areas for improvement and lead to insights that can move the business forward. And while it’s not necessarily the first type of data that comes to mind, utility data can help executives achieve all of these goals.
Among the many ways that utility data can prove a strategic weapon for CEOs and COOs, there are several in particular that can make a notable difference:
Demonstrating a Commitment to Sustainability
We now live in a very environmentally conscious world. Consider the following: A 2017 study from Unilever found that consumers factor a business’ social and environmental impact into their purchasing decisions, while a 2016 study from the MIT Sloan Management Review and Boston Consulting Group found that 82% of investors see a direct impact between an organization’s sustainability and its long term value.
Download our Sustainability in the Age of Trump eBook to learn how CEOs and COOs are responding to new sustainability policies.
As these findings make clear, it’s critical for organizations to commit to sustainability and demonstrate that commitment to consumers and investors. Utility data can help CEOs and COOs in this regard by making it possible to identify opportunities, understand performance of efforts and share results with the public.
Improving Operational Stability
With sound utility data management, CEOs and COOs should have timely access to complete and accurate utility data. In turn, executives can glean insight from this data that they can use to help maintain operational stability through:
- Lower utility costs
- Improved utility spend forecasting
- Increased process efficiency
- Enhanced decision making
Achieving a Management Advantage
Ensuring employee engagement and satisfaction is of utmost important to retaining employees. Additionally, engaged and satisfied employees tend to achieve better results at work, making it critical for CEOs and COOs to make stellar management a priority.
This management is another area where utility data can provide an advantage. Specifically, proper management of utility data can increase efficiency and allow employees to focus on strategic efforts rather than tedious, manual work, which creates a more engaging experience.
Competing Strongly in the RFP Market
Finally, as Requests for Proposals (RFPs) become more common in industries of all kinds, those organizations that can demonstrate a strong commitment to sustainability will have an advantage. That’s because just like consumers and investors prefer to purchase from and invest in sustainable businesses, other organizations now prefer to partner with sustainable businesses.
Download our Guide to Winning Energy & Sustainability Software RFPs to learn how to submit more successful proposals.
Utility data can help CEOs and COOs when it comes to RFPs by making it easier to spearhead sustainability initiatives, track progress and gather relevant data in a timely way so that it can be included as part of proposals.
Utility Data as a Weapon for CEOs & COOs
From the commercial aspects of running a business to the societal aspects, CEOs and COOs have their plates full. Increasingly, these executives are turning to data of all kinds to help them do their jobs better, from identifying new opportunities, allowing for more intelligent decision making, tracking performance and driving innovation. And utility data should not be an exception.
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- A Guide to Using Utility Data for the CEO & COO
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- A Guide to Using Utility Data for the CFO
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About Urjanet Inc
Urjanet, the global leader in utility data aggregation, simplifies how organizations access and use utility data, enabling them to focus on their business. Our technology collects, processes, and delivers data from over 6,500 electric, natural gas, water, waste, telecom, and cable utilities worldwide.